Each year since 1947, the president of the United States ceremonially pardons a turkey in the week before Thanksgiving. This year President Bush, returning from Europe and Russia, intended to head directly to his ranch in Crawford, throwing a shadow of confusion across the turkey ritual. It’s difficult enough to get a nervous bird to the White House Rose Garden; no one was sure how the inedible fowl was supposed to make a connecting flight to West Texas. The turkey received a double reprieve when Mr. Bush decided to return to Washington to sign the terrorism insurance bill and pardon the ceremonial bird to boot. Turkey pardons are the only pardons Mr. Bush seems willing to grant. This year’s turkey is named Katie and is the first female – hen, I suppose – to receive a presidential pardon. Katie hails from Clinton, North Carolina and if you suspect the White House press office is engaging in subliminal messaging, you’re not alone.
Speaking of turkeys, how about that terrorism insurance bill? The insurance companies say they took a $40 billion hit after the September 11th attacks. The losses were so big, the payouts were so huge and the danger of future terrorist attacks is so incalculable that Mr. Bush and Congress had to step in and promise to spend taxpayer money to cover losses in the event of future terrorist attacks. Last year, the federal government bailed out the airlines. Look how well they’re doing. If the federal government didn’t bail out the insurance industry, building premiums would go through the roof, developers would not be able to secure financing and construction would come to a halt. No one wants that to happen, but I can’t help wondering – if taxpayers are picking up the tab for the insurance companies’ losses, why do we need insurance companies? Why doesn’t Washington just set up a national risk pool and collect premiums from building owners against potential future losses? Oh no, that’s right, we can’t do that, that would be socialism and we have a free market society. In a free market society, property owners pay premiums to the insurance companies, which in turn shower their executives with huge salaries and benefits. Other bundles of cash are donated to the Bush-Cheney campaign. If tragedy strikes, the American taxpayer – who, let’s face it, is used to getting the shaft – will pay for the losses. That’s the free market system. Have you noticed Adam Smith’s invisible hand is picking your pocket?
On the other hand, insurance companies are out $40 billion as a result of September 11th. At least the insurance companies say they’re out $40 billion; consumer groups say the figure is wildly inflated. The Bush administration did not conduct an independent analysis; it accepted the insurance industry’s number at face value. As I understand it, the White House staff has been very busy lately, what with all the turkey pardons and so forth. And no, you still can’t see the paperwork from the Cheney Energy Task Force. Please stop asking.
Mr. Bush says the insurance bailout will “get our hard hats back to work,” but I’m not sure. If you browse through the want ads in any metropolitan newspaper, you’ll see there are millions of square feet of vacant commercial space no one can afford to rent. It’s hard to see how enclosing more empty space behind walls will solve that problem.
In other news, Americans set a new record for most bankruptcies in a 90-day period. Over 400,000 bankruptcies were filed between July and September, up 12 percent from last year. Of those 400,000 bankruptcies, 392,000 were filed by individuals. This is the sound of Joe and Marge Sixpack going broke. Economists say personal spending remains high and the savings rate is low, so the bankruptcy boom should come as no surprise. Economists also say spending by consumers is the only thing keeping the economy afloat.
What an interesting dilemma to kick off the holiday season. Should we be thrifty and try to avoid personal bankruptcy, or spend beyond our means and hope to keep the economy from sliding back into recession? Choose carefully, because the Republican-controlled Congress wants to make it harder for individuals to declare bankruptcy and the editorial page of the Wall Street Journal is calling for higher taxes on the working class.
For what we are about to receive, may we be truly thankful.
Fowl Play
Each year since 1947, the president of the United States ceremonially pardons a turkey in the week before Thanksgiving. This year President Bush, returning from Europe and Russia, intended to head directly to his ranch in Crawford, throwing a shadow of confusion across the turkey ritual. It’s difficult enough to get a nervous bird to the White House Rose Garden; no one was sure how the inedible fowl was supposed to make a connecting flight to West Texas. The turkey received a double reprieve when Mr. Bush decided to return to Washington to sign the terrorism insurance bill and pardon the ceremonial bird to boot. Turkey pardons are the only pardons Mr. Bush seems willing to grant. This year’s turkey is named Katie and is the first female – hen, I suppose – to receive a presidential pardon. Katie hails from Clinton, North Carolina and if you suspect the White House press office is engaging in subliminal messaging, you’re not alone.
Speaking of turkeys, how about that terrorism insurance bill? The insurance companies say they took a $40 billion hit after the September 11th attacks. The losses were so big, the payouts were so huge and the danger of future terrorist attacks is so incalculable that Mr. Bush and Congress had to step in and promise to spend taxpayer money to cover losses in the event of future terrorist attacks. Last year, the federal government bailed out the airlines. Look how well they’re doing. If the federal government didn’t bail out the insurance industry, building premiums would go through the roof, developers would not be able to secure financing and construction would come to a halt. No one wants that to happen, but I can’t help wondering – if taxpayers are picking up the tab for the insurance companies’ losses, why do we need insurance companies? Why doesn’t Washington just set up a national risk pool and collect premiums from building owners against potential future losses? Oh no, that’s right, we can’t do that, that would be socialism and we have a free market society. In a free market society, property owners pay premiums to the insurance companies, which in turn shower their executives with huge salaries and benefits. Other bundles of cash are donated to the Bush-Cheney campaign. If tragedy strikes, the American taxpayer – who, let’s face it, is used to getting the shaft – will pay for the losses. That’s the free market system. Have you noticed Adam Smith’s invisible hand is picking your pocket?
On the other hand, insurance companies are out $40 billion as a result of September 11th. At least the insurance companies say they’re out $40 billion; consumer groups say the figure is wildly inflated. The Bush administration did not conduct an independent analysis; it accepted the insurance industry’s number at face value. As I understand it, the White House staff has been very busy lately, what with all the turkey pardons and so forth. And no, you still can’t see the paperwork from the Cheney Energy Task Force. Please stop asking.
Mr. Bush says the insurance bailout will “get our hard hats back to work,” but I’m not sure. If you browse through the want ads in any metropolitan newspaper, you’ll see there are millions of square feet of vacant commercial space no one can afford to rent. It’s hard to see how enclosing more empty space behind walls will solve that problem.
In other news, Americans set a new record for most bankruptcies in a 90-day period. Over 400,000 bankruptcies were filed between July and September, up 12 percent from last year. Of those 400,000 bankruptcies, 392,000 were filed by individuals. This is the sound of Joe and Marge Sixpack going broke. Economists say personal spending remains high and the savings rate is low, so the bankruptcy boom should come as no surprise. Economists also say spending by consumers is the only thing keeping the economy afloat.
What an interesting dilemma to kick off the holiday season. Should we be thrifty and try to avoid personal bankruptcy, or spend beyond our means and hope to keep the economy from sliding back into recession? Choose carefully, because the Republican-controlled Congress wants to make it harder for individuals to declare bankruptcy and the editorial page of the Wall Street Journal is calling for higher taxes on the working class.
For what we are about to receive, may we be truly thankful.